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But for each of these markets there is something beneath it. With equities there are companies or at least some form of non-virtual economic activity. With real

by Bakary 4y ago

But for each of these markets there is something beneath it. With equities there are companies or at least some form of non-virtual economic activity. With real estate there are houses. With art, there are paintings and artists. With VCs there are startups. With crypto, there is only the speculation since very few people want to spend and use crypto as a currency. The bulk of the interest is predicated on the greater fool mindset. >In crypto this policy is determined by users. The protocols are open source, development happens in public, and the tech is permissionless - anybody can develop new proposals and contribute changes. This is a far cry from most monetary policies in the world. Maybe we would need to explore the differences in more detail, but the value of coins like Ethereum will still depend on the will of the devs who end up having the most influence or the users who have influence over those devs. And despite the openness of it only a minority of users have an active role in determining policy, just like in any large nominally-democratic structure.

zeroclip 4y ago
What lies beneath the NFT market is not much different than what lies beneath the traditional high-end art market: scarce objects made by artists and creatives, and there are some who want to collect these objects. It’s short-sighted to think that only physical work can have artistic merit and be valued by an art market. > And despite the openness of it only a minority of users have an active role in determining policy, just like in any large nominally-democratic structure. To be expected - same with open source software like Blender and VLC, not all users of it are also developers, but we all benefit from its openness and can create new forks of the software over time, if necessary. It also spans borders - making governance far more accessible worldwide than the monetary policies of state-backed dollars.

by Bakary 4y ago

zeroclip 4y ago

What lies beneath the NFT market is not much different than what lies beneath the traditional high-end art market: scarce objects made by artists and creatives, and there are some who want to collect these objects. It’s short-sighted to think that only physical work can have artistic merit and be valued by an art market. > And despite the openness of it only a minority of users have an active role in determining policy, just like in any large nominally-democratic structure. To be expected - same with open source software like Blender and VLC, not all users of it are also developers, but we all benefit from its openness and can create new forks of the software over time, if necessary. It also spans borders - making governance far more accessible worldwide than the monetary policies of state-backed dollars.